Moscow’s new war on gas slows European stock exchanges, Milan owns (+0.8%) thanks to banks

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(Il Sole 24 Ore Radiocor) – the new gas war Between Moscow and Europe shows its effects Stock Listsis already nervous waiting for the next Federal Reserve decisions on Taxi And after macro data an impending recession arrives (this is the case for Germany). Announcement GazpromIn fact, which suddenly decided to drastically reduce Russian gas shipments to the Old Continent as of Wednesday 27 July had markets nervous after the morning rallies, with Frankfurt immediately ending up “red” and Paris just above. This time the Milan Stock Exchange was an exception, thanks to the redemption of bankers waiting for the start of the quarterly season. In addition to the jump in gas prices, which at the end of the day traded at €177.3 per megawatt-hour (+10.6%) in Amsterdam, the mood of investors was affected by the higher-than-expected deterioration of the confidence climate. from German companies. It is measured by the Ifo Institute, which certified Germany as “on the verge of stagnation”. Meanwhile, expectations are growing about the two-day meeting of the Federal Reserve’s monetary policy committee, which will raise interest rates on Wednesday again (expectations are for a 75 basis point increase, although expectations have emerged of a possible 1 point increase). In Avary Square, which continues to deal with the government’s crisis and uncertainty ahead of the September 25 elections, FTSE MIB It was closed thanks to the good performance of banks that are approaching their due date by publishing semi-annual accounts. Frankfurt weaker (Dax 30) While in the end they held out, but above par, Paris (CAC 40) and london (FT-SE 100), with fluctuating trend Wall Street This helped slow the European indices in the second part of the session.

Ifo: Germany on the verge of recession

On the macro front, the climate of German business confidence measured by Ifo worsened more than expected in Germany. The index fell to 88.6 points in July from 92.2 in June, against expectations of a more contained drop to 90.5. This is the lowest since June 2020. The current conditions sub-index fell to 97.7 from 99.4 and the expectations index fell to 80.3 from 85.5. Clemens Fuest, President of IFO, noted that “Sentiments in German affairs have cooled to a large extent. German companies expect business to become more difficult in the coming months, and they are also less satisfied with their current situation.” “Rising energy prices and the impending gas shortage are a burden,” he added, and “Germany is on the verge of recession.”

Well, the banks, the Generali is taking advantage of the buyback OK

Among the headlines of Avary Square, general He took advantage of Ivass’ agreement to buy back $500 million, which could begin soon. The regulator’s approval certainly represents a crucial step in the buyback perspective, without prejudice to the official indication already given to the market that it will be completed by the end of the year. The goal of the Trieste Group is to return to shareholders, and compensate them by eliminating repurchased shares, and liquid resources unused in mergers and acquisitions in its 2019-2021 plan. redemption for Saipem. And throughout the session, there were also purchases on banks, which this week will begin to lift the veil on the accounts of the first half of the year: thus gaining ground PepperAnd the Banco BpmAnd the Unicredit And the Intesa San Paulo. In red instead DiasurinAnd the Interpump GroupAnd the Telecom Italia And the Leonardo – Finmeccanica.

The euro rose more than $1.02, and oil rose

In the foreign exchange market, after a weak start, the euro consolidated its positions above 1.02 US dollars and is indicated at 1.0242 from 1.0224 on Friday’s closing day. The single currency is also valued at 139.59 yen (from 139.14 on Friday), while the dollar/yen ratio is at 136.31 (136.12). The price of natural gas in Amsterdam increased: + 4.3% to 167 euros per megawatt-hour. Oil is back up after starting in the red: the September delivery contract for Brent crude stands at $104.59 per barrel (+1.35%) and the WTI contract is up 1.21% to $95.85.

Flat spread at 238 pips, BTp return at 3.43%

On the bond, it’s stable for Spreads between BTp and Bund The MTS secondary market for European government bonds is after a week on a roller coaster due to the fall of the Draghi government in Italy and the moves of the European Central Bank. The difference between the ten-year BTP benchmark and the same German maturity is indicated at 238 basis points, unchanged since the last reference on Friday. The Italian 10-year bond yield was also kept at 3.43% at the last close on Friday.